Joshua Hug Sells 40,776 Shares of Remitly Global (NASDAQ:RELY) Stock

Remitly Global, Inc. (NASDAQ:RELY) Director Joshua Hug sold 40,776 shares of the business’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $13.33, for a total value of $543,544.08. Following the sale, the director owned 3,654,764 shares in the company, valued at $48,718,004.12. This represents a 1.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Remitly Global Price Performance

NASDAQ RELY traded down $0.32 during trading hours on Monday, reaching $13.23. The company’s stock had a trading volume of 2,681,660 shares, compared to its average volume of 3,215,494. Remitly Global, Inc. has a 52 week low of $12.08 and a 52 week high of $27.32. The stock has a market cap of $2.77 billion, a P/E ratio of 147.00 and a beta of 0.11. The firm has a fifty day simple moving average of $14.96 and a 200-day simple moving average of $17.66.

Remitly Global (NASDAQ:RELY) last issued its quarterly earnings data on Wednesday, November 5th. The financial services provider reported $0.04 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.02. The company had revenue of $419.49 million for the quarter, compared to analysts’ expectations of $413.73 million. Remitly Global had a net margin of 1.36% and a return on equity of 3.12%. Remitly Global’s revenue for the quarter was up 24.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.01 earnings per share. Remitly Global has set its Q4 2025 guidance at EPS. FY 2025 guidance at EPS. On average, research analysts expect that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Wall Street Analyst Weigh In

RELY has been the subject of several research analyst reports. Monness Crespi & Hardt lowered their price objective on shares of Remitly Global from $32.00 to $28.00 and set a “buy” rating for the company in a research note on Thursday, November 6th. JPMorgan Chase & Co. dropped their price objective on Remitly Global from $25.00 to $23.00 and set an “overweight” rating on the stock in a research note on Thursday, November 6th. KeyCorp reiterated an “overweight” rating and issued a $28.00 target price (up previously from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. William Blair reiterated an “outperform” rating on shares of Remitly Global in a report on Friday, October 10th. Finally, JMP Securities dropped their price target on shares of Remitly Global from $32.00 to $23.00 and set a “market outperform” rating on the stock in a research report on Monday, September 15th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $25.88.

Institutional Trading of Remitly Global

A number of large investors have recently added to or reduced their stakes in the stock. Elequin Capital LP bought a new stake in Remitly Global in the first quarter worth about $30,000. Essex Investment Management Co. LLC bought a new stake in shares of Remitly Global in the 3rd quarter worth approximately $33,000. First Horizon Corp bought a new position in Remitly Global during the third quarter valued at $36,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in Remitly Global during the first quarter valued at $41,000. Finally, Quarry LP purchased a new stake in Remitly Global in the third quarter worth $42,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

About Remitly Global

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.